Here are the massive tax increases coming your way in a second Biden term

Fox News ^ | 4/15/19 | Grover Norquist

[Libloather]

Donald Trump has outlined his plans for federal taxation should he be elected.

"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.

Trump made the direction clear. Lower.

But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.

Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.

[jughandle]

Anyone else remember when Pelosi promised “real middle class tax cuts” after bashing the first tax relief for us in years as “crumbs”? All we had to do was elect democrats..

[Joe Boucher]

Like the Hildabeast said,we have a lot of things we want to spend your money on.
Can’t imagine all the gay crap this assclown would spend my money on

[nopardons]

BTTT

[wita]

Taxation without representation. Inflation without representation. Invasion without representation.

...and no place to go Galt.

[Wildbill22]

“...fundamentally change...”

Interesting words from Obama...

[trebb]

My taxes went down $900 under Trump - they went up $2k under Biden’s last 2 years.

[Iceclimber58]

Employees don’t see the money like folks that pay quarterly.
Most only see net pay, or my favorite term “Bring Home”.
I retired early last December. They will tax me every time I touch my SEP, IRA, and SS.
I will no longer spend my days working to feed the Beast.

[i_robot73]

Shame we don’t have an actual opposition party to the Stat/Fasc/Commun-ists that actually/actively work to adhere to/enforce the Constitution & thus require LESS taxes overall (for LEGAL govt ‘needs’)

“Oddly”, the ‘...most important election EVER/any (R) is better than a (D)/throwing vote away via 3rd party...” brigade is kinda quiet these days.

[Tell It Right]

Biden wants to raise the capital gains tax to 44%? Is that the long-term capital gains that's currently taxed at 15% under $500,000? That will kill retirees who live off of their IRAs if Biden wants to take nearly half of their gains. And then the tax on unrealized gains will steal the rest.

I agree with your disdain for higher capital gains tax. But disagree with the technicalities of your post. Withdrawals from IRAs aren't subject to the capital gains tax. They're subject to the normal personal income tax. The same for 401Ks, 403Bs, and 457s. And if you put the word "Roth" in front of them then they're not subject to any tax (assuming you follow the withdrawal rules, such as the age 59.5 rule or the age 55 rule or the 5 year rules).

[Red Badger]

>>>...”Biden also promises to increase the tax on Subchapter S corporations, partnerships and all “pass through” businesses,”...<<<

You mean like 28 shell corporations used for money laundering and nothing else?................

[FlingWingFlyer]

Elect the pedophile and his jiggling giggler again and watch what happens. You won’t be hating President Trump anymore.

[Sequoyah101]

That would be correct.

[Political Junkie Too]

Yeah, you're right. I meant after-tax investments.

-PJ

[ChildOfThe60s]

I will have to dissolve my LLC and become a sole proprietorship. That or go out of business.

Are these commies that ignorant of economics, or are they deliberately trying to crash the economy?

[EBH]

I have an LLC as well. Keep in mind a single member LLC is a sole proprietorship according to the IRS. It won’t matter if you dissolve it or not.

Did you remember to file you FinCen BOI yet?
https://boiefiling.fincen.gov/

The BOI E-Filing System supports the electronic filing of the Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA). The CTA requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

[gnickgnack2]

But he made too many enemies
Of the people who would keep us on our knees
Hooray for Donald Trumpkinhead.
-XTC

Two sides of my sign at a future Trump rally.

[clearcarbon]

'"Here are the massive tax increases coming your way in a second Biden term"

[ChildOfThe60s]

I can’t pay 40% of my income. I may as well be unemployed.

[Phlyer]

Employees don’t see the money like folks that pay quarterly.

Absolutely! There are a lot of 'hidden' takings that people don't think about - and that's the way the Federal government wants it. Basic income tax withholding is the worst, by far, but arbitrarily labelling half of the Social Security money sent in the by the employer as 'employee cost' and the other half that came out of the same potential compensation pot as the 'employer cost' is one of them.

[EBH]

I am looking at two options.

1)I can start drawing SS next year.
2)Convert to a Chapter S from an LLC next January

This administration is obsessed with people who work independently. Slapping us with a 40% tax rate is punitive and meant to either shut you down or move you to a Chapter S where they can collect taxes from your paycheck or determine that you do not have a ‘real’ business, but a hobby and take all those deductions away from you. Chapter S requires you to take a reasonable paycheck and if you cannot do that on a regular basis, then you do not have a business. https://www.irs.gov/businesses/small-businesses-self-employed/paying-yourself

Biden rule threatens to throw independent contracting into disarray
https://thehill.com/opinion/congress-blog/4506646-biden-rule-threatens-to-throw-independent-contracting-into-disarray/